The European Union (EU) economy rebounded in the first quarter of 2024, as inflation was decreasing and private consumption rising, according to the European Commission's Spring Economic Forecast released on Wednesday.
The report says that although the growth rate for the first quarter of 2024 was below estimated potential, it exceeded expectations with the inflation across the EU cooling down in the beginning of the year.
It is predicted that the gross domestic product (GDP) will grow by 1 percent in the EU, and 0.8 percent in the eurozone in 2024. In 2025, the EU economy is projected to grow by 1.6 percent, and the eurozone's economy to grow by 1.4 percent.
In the eurozone, inflation is projected to reach 2.5 percent this year, and 2.1 percent next year.
The main driver of economic growth in the next two years will be private consumption, boosted by growing real wages, which in turn will increase households' real disposable incomes.
Risks to this forecast include the current conflicts in Ukraine and the Middle East, and persistent inflation in the United States, said the Commission.
EU economy gradually expanding amid increased geopolitical risks
EU economy gradually expanding amid increased geopolitical risks
Preparations are nearly complete for the seventh China International Import Expo (CIIE), set for November 5-10 in Shanghai, the Ministry of Commerce said on Thursday.
Ministry spokesperson He Yadong said at a press conference that exhibits from over 2,700 participating companies have entered the exhibition halls, while those from more than 700 companies are still in transit and will arrive by Nov. 2.
To improve the experience for attendees, this year's CIIE has established 172 functional areas in 26 categories and added 1,523 temporary signs throughout the venue. The expo has also streamlined its registration and approval processes with a digital system.
"We are enhancing payment convenience by ensuring adequate small-denomination cash reserves, while expanding bank card transaction acceptance to include both domestic and international cards for the first time. Additionally, the expo will feature a 5,000-square-meter catering zone and offer food delivery services to all booths," said He.
The expo will also share comprehensive travel and service information via its official WeChat account, and upgrades have been made to the event's Hongqiao forum information system and the venue's navigation systems to enhance the attendee experience.
The seventh CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.
Since its first edition in 2018, the expo has become an important showcase, spotlighting China's new development paradigm, a platform for high-standard opening up, and an opportunity for the whole world.
Preparation work for CIIE nears completion: ministry